Meat and Livestock Australia (MLA) chairman Don Heatley sees these as a potential extra two million ’first time’ consumers for animal protein suppliers.

“Australian red meat exporters have captured a share of these emerging markets, with our beef exports to Russia, Indonesia, and the Philippines and sheepmeat exports to China all increasing significantly,” he said.

Speaking at the MLA annual meeting on Thursday, he challenged the industry to continue to make the most of the opportunities arising as a result of the growing Asian economies.

“These consumers are a key to why globally, more red meat was sent to emerging markets last year than to the more traditional North American and North Asian markets," he said.

Mr Heatley also acknowledged that the economic growth in countries such as China, India and in South-East Asia has also been responsible for some of the challenges faced in the past year by the Australian red meat industry.

“Asia’s rampant demand for fuels, both oil and liquid natural gas, has seen fuel prices quadruple since 2003 and contribute to massive increases in input costs for all sectors, none more so than at the farm level,” Mr Heatley said.

He praised Australia’s red meat industry for the resilience it has shown during a period of high input costs and economic uncertainty.

“Our industry has faced fertiliser and chemical costs, which represent between 11pc and 14pc of total farm cash costs, more than doubling in the past year.

"This has eroded farm profits, especially for the input-intensive southern production systems.”

MLA managing director David Palmer said that it was vital the Australian red meat industry continue to push for the removal of global trade barriers, which includes the negotiation of free trade agreements with key trading countries.

“It is estimated that up to one billion Australian dollars could be added to the Australian red meat industry if all current trading barriers were removed,” Mr Palmer said.